IRSA Inversiones y Representaciones Sociedad Anónima closed the first quarter of fiscal 2027 with a net loss, a result the company attributes primarily to the fair value of its investment properties, according to remarks on its earnings call. The IRSA Q1 loss reflects an Argentine macroeconomic backdrop in which inflation ran higher than the currency’s devaluation, a gap that fed into the property valuation adjustment.
Chief Financial and Administrative Officer Matias Gaivironsky told listeners that the bottom-line deficit is tied to that fair value movement and indicated the macroeconomic situation would be examined further in the presentation. The loss therefore stems from accounting valuation effects on the company’s real estate assets rather than from the operating performance of its rental business, based on his opening remarks.
Rental EBITDA Moves in Opposite Directions by Currency
On the operating side, rental EBITDA declined 2% year over year when measured in pesos. The same figure, however, stood 20% above the prior-year level when converted to dollars. The divergence underscores how the peso-denominated comparison is shaped by the exchange-rate and inflation environment described on the call.
Gaivironsky presented both measures side by side, making clear that the local-currency decline and the dollar-based gain describe the same underlying rental performance. For readers tracking the company’s recurring income, the dollar figure offers a different lens than the peso result.
Shopping Mall Portfolio in Focus for Fiscal 2027
Regarding the shopping mall portfolio, Gaivironsky said the company expects to finish the fiscal year 2027 in a certain position, though the transcript excerpt cuts off before the full detail of that expectation is stated. The mall segment remains a central part of the quarter’s discussion, and the company framed its fiscal-year outlook around that portfolio.
The call, held on November 5, 2026, was introduced by Investor Relations Officer Santiago Donato, who noted that both audio and a slide presentation were accessible through the company’s investor relations website, along with the earnings release. Chief Investment Officer Jorge Cruces was also listed among the company participants.
What the Quarter’s Numbers Show
- Net result: A loss on the final line, attributed mainly to the fair value of investment properties.
- Macro context: Inflation exceeded devaluation in Argentina during the period, a factor the CFO linked to the valuation loss.
- Rental EBITDA: Down 2% year over year in pesos, but up 20% in dollar terms.
- Mall portfolio: The company addressed its expectations for the portfolio by the close of fiscal 2027.
The quarter thus presents a split : a valuation-driven loss at the bottom line alongside a rental business whose dollar-denominated EBITDA improved even as its peso measure softened. IRSA’s fiscal 2027 first quarter covers the period discussed on the November 5 call.
Donato opened the session with the standard reminder that the discussion could include forward-looking statements subject to risks and uncertainties, and that actual results might differ materially from projections. He directed participants to the detailed note in the earnings release for more on those statements.
